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18 We have analyzed the robustness of our findings when we include the "don't know" observations in, alternatively, the pro-migration category or in the anti-migration category of the dependent variable.
Hence, the first (0 %) category of the dependent variable comprises the complete group of CONV investors, the second category the group of current SR investors with an amount of 1 20 % of their investment portfolio devoted to SR funds, and the third (21 80 %) and fourth (81 100 %) category comprise current SR investors with accordingly stronger SR fund involvements.
The traditional payment scheme was used as the reference category of the dependent variable payment system.
We used a backward stepwise likelihood ratio model; non-shared was the reference category of the dependent variable.
We used a backward stepwise likelihood ratio model; low comfort was the reference category of the dependent variable.
Though the binary LR model is used for a categorical dichotomous variable, the output is a continuous function (S-shaped curve) that represents the outcome probabilities associated with being in a specific category of the dependent variable.
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The coefficient vector is assumed to be the same for all categories of the dependent variable.
For our purpose, this method enables us to control for individual heterogeneity in the β-parameters and hence for heterogeneity across the categories of the dependent variable.
Thus, for example, the coefficients that describe the relationship between the lowest versus all higher categories of the dependent variable are the same as those that describe the relationship between the next lowest category and all higher categories, etc.
However, the number of categories of the dependent variable is far from negligible, and estimating such a model would yield a non-parsimonious model that is difficult to be interpreted.
Multinomial logistic regression was used to estimate the effect of independent variables on different categories of the dependent variable; "No care" is used as the reference category.
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